Industry News

Industry Roundup: What is Jackware?; ​More Than 80% of Flood Policyholders Expected to see Premiums Increase; Top Five Reasons for Insurance Complaints in 2021; Two-Thirds of Employees Might Seek New Jobs if Forced Back to Office

​More Than 80% of Flood Policyholders Expected to see Premiums IncreaseWhen the Federal Emergency Management Agency (FEMA) rolled out a major overhaul to its beleaguered National Flood Insurance Program last April, it promised that bigger, richer homes would bear the brunt of premium increases, while almost 90 percent of policyholders would see their costs stay stable or decrease. Injured Passengers in Rental Car Not Entitled to Payment Under UIM CoverageThe West Virginia Supreme Court reversed summary judgment in favor of two plaintiffs, finding they were not covered under the driver's underinsured motorist (UIM) coverage because they were passengers of a rented vehicle that was not a…

Continue ReadingIndustry Roundup: What is Jackware?; ​More Than 80% of Flood Policyholders Expected to see Premiums Increase; Top Five Reasons for Insurance Complaints in 2021; Two-Thirds of Employees Might Seek New Jobs if Forced Back to Office

Industry Roundup: Pricing for Insurance Lines Begins to Stabilize Excluding Cyber; AIG Considers Adding Policy Exclusions for Russia, Ukraine; Goldman Poll Finds Insurers Expect a U.S. Recession; Employers Adapting to New World of Worries

​Pricing for Insurance Lines Begins to Stabilize Excluding CyberThe commercial insurance market is beginning to show signs of normalcy in 2022, despite a steady slowing of rate increases. According to the 2022 Marketplace Realities Report, Spring Update by WTW, a leading global advisory, broking, and solutions company, buyers are still seeing rate increases; however, many of those increases are now dropping to single digits and even flat renewals.AIG Considers Adding Policy Exclusions for Russia, UkraineAccording to an insurance broker and a source familiar with the matter, one of the world's largest commercial insurers, AIG, is considering cutting cover for Russia and Ukraine in order to…

Continue ReadingIndustry Roundup: Pricing for Insurance Lines Begins to Stabilize Excluding Cyber; AIG Considers Adding Policy Exclusions for Russia, Ukraine; Goldman Poll Finds Insurers Expect a U.S. Recession; Employers Adapting to New World of Worries

Industry Roundup: ​What to do About the Crisis of Underinsurance; Russian Invasion of Ukraine, Cyberattacks, and War Exclusions in P/C Policies; Chubb Investors to Vote on Proposal to End New Fossil Fuel Underwriting; & More

​What to do About the Crisis of UnderinsuranceThree out of five homes in the U.S. are underinsured by an average of 20% below full value, according to a citation from the property data aggregator CoreLogic in a 2019 report published by Rutgers Center for Risk and Responsibility. Chubb Investors to Vote on Proposal to End New Fossil Fuel UnderwritingThe U.S. Securities and Exchange Commission (SEC) has ruled in favor of a landmark shareholder resolution calling for Chubb to stop underwriting new fossil fuel supply projects. Floods Drive Economic Losses in 2021, but Only 25% of Risks Are InsuredMore than 50 severe flood events around the…

Continue ReadingIndustry Roundup: ​What to do About the Crisis of Underinsurance; Russian Invasion of Ukraine, Cyberattacks, and War Exclusions in P/C Policies; Chubb Investors to Vote on Proposal to End New Fossil Fuel Underwriting; & More